EL BANCO DE COSTCO

Costco says its one-ounce gold bars are selling out fast

Iman Palm
Wed, September 27, 2023 

(KTLA) – One of Costco’s newest merchandise items has been selling out within a matter of hours, CFO Richard Galanti said on an earnings call Tuesday.

“I’ve gotten a couple of calls that people have seen online that we’ve been selling one-ounce gold bars,” Galanti told investors during the retailer’s fourth-quarter earnings call. “Yes, but when we load them on the site, they’re typically gone within a few hours and we limit two per member.”

Costco’s website shows that members can purchase one-ounce bars of 24-karat gold from Rand Refinery for $1,949.99 or a one-ounce bar from PAMP Suisse for $1,979.99. Both items have a 4.9-star rating and can’t be refunded or returned.

Some Reddit users have expressed their frustrations with trying to get the high-ticket item.

Costco customers who are fortunate enough to find the item (and be able to afford it) can also earn 2% cash back on the purchase if they have an executive membership card, which grants 2% back on all purchases.

As of Wednesday morning, one ounce of gold is priced at $1,919, according to Nasdaq.

You’ll also need a Costco membership to buy a gold bar from the retailer. A standard membership costs $60 per year and an executive membership costs $120.